Fireworks AI Raises $1.5B, Valued at $17.5B

AI infrastructure startup Fireworks AI has closed a $1.5 billion Series D round at a $17.5 billion valuation. The round was led by Atreides Management, Index Ventures and TCV, with Nvidia among the additional backers. The valuation reflects Fireworks' rapid growth, with annualized revenue surpassing $1 billion. The company's platform lets developers fine-tune and deploy open-source AI models, processing over 40 trillion tokens daily for clients including Samsung and GitLab. Funds will expand infrastructure and engineering.